SECTION 330:15-7-2. Qualifications of Participating Lenders in each Program

  The qualification requirements for Participating Lenders in each Programs shall be set as the Trustees and/or Staff may determine to be necessary under the market conditions prevalent at the time the Programs is being developed and as may be determined by the Trustees and/or Staff in their discretion at the time of finalization of each Programs in question. By way of illustration, and not as a limitation, such qualifications for Participating Lenders may include one or more of the following:

(1)   Minimum net worth;

(2)   Minimum total assets;

(3)   Qualified to issue mortgage backed securities of FNMA, GNMA, FHLMC or other similar issues of mortgage-backed securities;

(4)   Qualified to originate and service mortgage loans for FHA, FNMA, FHLMC, RD, and/or VA;

(5)   No defaults in performance under prior Programs of OHFA;

(6)   No suits pending against it;

(7)   Maximum mortgage loan portfolio default rate on mortgage loans serviced by it;

(8)   A physical place of business within the boundaries of the State accessible to members of the public during normal business hours; and

(9)   Such other criteria as the Trustees and/or Staff may deem in their discretion to be pertinent.

[Source: Amended at 37 Ok Reg 1709, eff 1-1-21]